Ascendas India Trust (CY6U.SGX) released the 3Q2020 quarterly report. This is a quarterly report without financial data.

Compared to the same period in 2019:

  • Calculated by India Rupiah, total property inocme & net property income are almost the same
  • Calculated in SGD, total property income fell 5% to SGD47mil, and Net property income fell 5% to SGD36.9mil

If compared with 1H2020, the net property income of AIT in1H2020 was SGD73.5mil, divided by 2, is equivalent to SGD36.75mil. Compared with the SGD36.9mil of 3Q2020, the performance of 3Q2020 is actually slightly better.

In fact, AIT is a BIZ Trust. In 1H2020’s distributed income, 44% comes from interest income provided by forward purchase contract construction loans. So even if AIT’s revenue declines slightly, as long as interest income is not affected, it should able to maintain DPU.

According to this quarterly report, the forward purchase contract construction loan, amount that has been issued is SGD315mil, which is the same as 1H2020, so don’t expect a big increment in interest income, it should remain the same.

AIT’s occupancy rate is 96%, and in fiscal year 2020, only 3% of leases are about to expire. At the same time, all debts have been restructured.

Currently, Ascendas India has several projects (internal development & forward purchase agreement) in progress, but due to the impact of the pandamic, the progress is dragged down. The details are as follows:

  • Internal Development
    1. The new building MTB 5 of INTERNATIONAL TECH PARK BANGALORE (ITPB) has a rental area of ​​0.7mil sf. It is expected to be completed in 2H2020. Tenants have been found and 100% occupancy rate guaranteed
    2. INTERNATIONAL TECH PARK HYDERABAD (ITPH) redevelopment (redevelopment), the project is carried out in phases. It is expected to increase the rental area of ​​3.5mil sq. Phase 1-Block A is currently ready to start. After completion, the rental area will reach 1.36mil Sf. It is expected to be completed in 2H2022.
  • 3rd party acquisition – forward purchase contract (together with contruction loan)
    1. aVance Hyderabad, 2个building,aVance 5 & aVance 6
      • aVance 5, with a leasable area of ​​1.16mil sf, expected to be completed in 1H2021
      • aVance 6, with a leasable area of ​​0.64mil sf, has been completed in Dec 2017, but according to the contract, it must be acquired together with aVance 5.
    2. aVance Businesss Hub 2, 2个building,aVance A1 & aVance A2
      1. aVance A1, with a leasable area of ​​1.05mil sf, expected to be completed in 2H2023
      2. aVance A2, with a leasable area of ​​1.05mil sf, expected to be completed in 2H2023
    3. Aurum IT SEZ, 2个building,building 1 & building 2
      1. building 1, with a leasable area of ​​0.6mil sf, has obtained an occupancy certificate
      2. building 2, with a leasable area of ​​0.8mil sf, expected to be completed in 1H2021
    4. BlueRidge 3, 2 个building,phase 1 & phase 2
      1. Phase 1, 1.41mil sf leasable area, expected to be completed in 2H2021
      2. phase 2, lettable area 0.43mil sf, expected to be completed in 2H2023
    5. Arshiya Panvel, 1个building, 7th warehouse
      1. The 7th warehouse, with a leasable area of ​​0.33mil sf, is expected to be completed in 1H2021
    6. Arshiya Panvel, 1个warehouse
      1. 1 warehouse, with a leasable area of ​​0.19mil sf, construction has not yet started

In 4Q2020, it is estimated that only the new building MTB 5 of INTERNATIONAL TECH PARK BANGALORE (ITPB) will be completed. this building can bring extra SGD479k NPI to AIT in 4Q2020, so it is expected that AIT’s DPU in 2H2020 should be 4.7cent (SGD) per unit.

Know more about AIT click here

To compare AIT with other REITs, please log in to REIT screener CLICK HERE

If you want to participate in discussions on REIT, please join our Facebook group CLICK HERE

The above article is purely information sharing, not investment or trading advice. For investment advice, please consult professional investment institutions.  This site is carried out in a personal hobby, non-profit manner, without any interests, not related to any kind of business or investment courses, no sales of investment books, not managing any public/private funds, no sales/promotion of any investment products